Sunday, April 25, 2010

Medicare's Bookkeeper: Obamacare Will Increase The Cost Of Health Care

Don't say we didn't warn you.

Richard Foster, the Chief Actuary of the Centers for Medicare and Medicaid Services (CMS), released a report on Friday in which he details many of the significant flaws of the Patient Protection and Affordable Care Act. (An actuary is someone who uses statistics, such as death rates and hospitalization costs, as a quantitative way of setting insurance premiums.) Foster estimates that Obamacare will increase federal health expenditures by a net of $251 billion from 2010-2019, even though the President once sold the law as a way to "bend down the cost curve." Most notably, as we and others have argued, the law will drive up the cost of health insurance for ordinary people. Plenty of others have summarized Foster's findings (see Philip Klein and Grace-Marie Turner), so I won't. Read the report for yourself.

(P.S. The Census should conduct a count of the number of government officials with square-rimmed eyeglasses, mustaches, and oddly patterned neckties.)

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